Blue Nile Reports Higher Sales for Q3, Will Open More Stores

Rapaport reported that Blue Nile Inc. (NASDAQ:NILE) is looking to open three to four more “webrooms” in 2016 after enjoying success at its existing store in New York.
The company opened that store, its first brick-and-mortar store, in June. It allows customers to try on jewelry and browse the company’s wares on an in-store iPad.
As quoted in the market news:

The news comes alongside Blue Nile’s reporting of a 4 percent year-on-year sales increase to $109.9 million in the third quarter to October 4, with operating income up 19 percent to $3 million.
Kanter also commented that while core-price engagement ring sales were performing well, the high end of the business – products priced at more than $25,000 – is more testing.
“While this segment is always volatile, it has been a challenge long enough to be somewhat the new normal,” he said.
Overall U.S. engagement net sales increased 7 percent to $65 million, while U.S. non-engagement net sales also rose 7 percent to $25 million.
Separately, international sales were down 7 percent in the quarter to $19.9 million, with Greater China growth flat. The comparable China revenue figure for the third quarter of 2014 was propped up by one customer order of $1.8 million, Kanter pointed out.

Click here to read the full Rapaport report.